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U.S stocks end higher on surging confidence data; Dow gains 0.69%

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Investing.com - U.S. stocks shot up on Tuesday after industry data revealed the U.S. consumer confidence rose to a level not seen since February of 2008.

Rising home prices also sent stocks soaring

At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.69%, the S&P 500 index ended up 0.63%, while the Nasdaq Composite index rose 0.86%.

The Conference Board said its index of U.S. consumer confidence rose to 76.2 in May, a five-year high, from 69.0 in April, surging past expectations for a reading of 71.0.

"Consumers' assessment of current business and labor-market conditions was more positive and they were considerably more upbeat about future economic and job prospects," Lynn Franco, director of economic indicators at the Conference Board, said in a statement.

Fiscal uncertainties in the U.S. may have already taken their toll on the consumer attitudes and sentiment may be on the mend, Franco added.

Elsewhere, the S&P/Case-Shiller U.S. home price index rose 10.9% in March from a year earlier, above expectations for 10.2% and the biggest increase since April 2006, which further bolstered stock prices.

Leading Dow Jones Industrial Average performers included Microsoft, up 2.25%, UnitedHealth Group, up 2.11%, and Walt Disney, up 1.86%.

The Dow Jones Industrial Average's worst performers included AT&T, down 1.52%, Procter & Gamble, down 1.21%, and Verizon Communications, down 1.09%.

European indices, meanwhile, finished higher.

After the close of European trade, the EURO STOXX 50 rose 1.46%, France's CAC 40 rose 1.39%, while Germany's DAX 30 finished up 1.16%. Meanwhile, in the U.K. the FTSE 100 finished up 1.62%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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